H. R. 1081
IN THE HOUSE OF REPRESENTATIVES
February 15, 2021
Mr. Smith of New Jersey (for himself and Mr. Cuellar) introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to allow the deduction for charitable contributions as an above-the-line deduction.
This Act may be cited as the
Charitable Giving Tax Deduction Act.
Deduction for charitable contributions allowed in determining adjusted gross income
Section 62(a) of the Internal Revenue Code of 1986 is amended by inserting after paragraph (7) the following new paragraph:
The deduction allowed under section 170.
Section 170(b)(1)(H) of such Code is amended by striking
(computed without regard to any net operating loss carryback to the taxable year under section 172). and inserting the following:
computed without regard to—
section 62(a)(8), and
any net operating loss carryback to the taxable year under section 172.
Repeal of superseded provisions
Section 212 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (other than subsection (c) thereof) is repealed and each provision of law amended by such section (other than such subsection) is amended to read as such provision would read if such section had never been enacted.
The amendment made by this section shall apply to taxable years beginning after December 31, 2020.